The movement to make New York City the next big biotech hub is getting a boost through the official opening of a new JLABS incubator in trendy SoHo. This ribbon-cutting makes J&J’s 10th JLABS center, with others already helping hundreds of biotechs get started from Boston/Cambridge through Toronto, the Bay Area and Shanghai.
The pharma giant is technologically promiscuous — with interests in drugs, devices and consumer products — and has worked under CSO Paul Stoffels to create a global network of BD teams and start-up facilities aimed at working with fledgling companies out to do something new and unique. And they’ve been known to follow up with venture investments and partnerships if they see something with the kind of potential they’re in search of.
This new JLABS opens with 26 upstart residents working on everything from AI to cartilage implants and CNS diseases. And there’s room for a few more. You can see the whole list here.
New York’s hub aspirations have been encouraged through a series of initiatives like this, though it remains well behind Boston/Cambridge and the Bay Area in terms of venture investing. A few months ago the family-office backed Beacon Capital launched a new incubator of its own with plans to seed startups with up to a million dollars in cash. And the city’s list of top research institutions like Memorial Sloan-Kettering promises to deliver plenty of new scientific innovations that could be used to launch new players.
The new crowd should be watched closely. After all, if they can make it here, they can make it anywhere.
Image: New York City Shutterstock
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